LAHORE:Coordinator to Federal Tax Ombudsman and Chairman Kyrgyzstan Trade House Meher Kashif Younis Tuesday hailed the government’s decision to import crude oil from Russia in currencies of friendly countries as mutually agreed by the two countries.
Talking to a delegation of industrialists led by Faran Shahid here, he said that it was a good omen that Pakistan would pay in the currencies of friendly countries which, he added, would definitely ease dollars pressure on either sides and help pave way for further strengthening of existing economic cooperation and bilateral relations.He said agreements between both sides would pay dividends in the days to come.
He appreciated that Islamabad wanted to import 35 per cent of its total crude oil requirement from Russia.
Meher Kashif Younis said earlier recent decision of the government was also good one for direct settlement and clearing in RMB between China and Pakistan which will help balance greatly the possible trade fluctuations caused by changes in US dollars.
He said moreover,RMB clearing can be fast track for two countries to further deepen industrial cooperation in financing and purchasing. He said the trade volume of Belt and Road countries had reached 11.6 trillion Yuan last year. If RMB clearing and settlement is fully encouraged, trade efficiency in countries along the Belt and Road will improve as will more extensive financial cooperation, he added. Quoting “2022 RMB internationalisation” report,he said about 78.8 percent of the surveyed global industrial and commercial firms are thinking about adopting RMB or growing its [RMB] share in cross border transactions.
Concluding, he said as inflation and energy crisis in Europe and the United States had eroded market confidence and China’s economy was the same size as the EU’s ,the RMB may become a future safe heaven for investors. He said Bank of China and State Bank of Pakistan accord would support cross border transactions.